Payment transactions: Trends for 2021 in the travel and mobility sector: Freedom of choice, security & risk management
Payment transactions are changing around the world - in the truest sense of the word. The tourism and mobility sectors have been particularly affected by this. Indeed, they have had to work hard to catch up in recent years and continue offering their customers an optimum, flexible and secure payment experience. In the coming year, current obstacles such as the coronavirus pandemic are likely to play more of a minor role. The tourism and mobility sectors will then need to focus on reactivating customers and repositioning themselves in the market. However, improvements to payment services can help companies operating in these sectors emerge from the slump caused by Covid-19 stronger than ever.
Customer wishes are changing in the travel industry, so companies are having to keep pace
- Millennials are more likely to book just two months (or even less) prior to travel.
- Millennials are more inclined to finance their travel in instalments - and are then also willing to spend more overall.
- On average, millennials use four different means of payment before and during travel.
- Millennials are more than twice as likely to abort the booking process as those over 55 if they cannot use their preferred payment method at the end of the booking process.
Payment trends for 2021: Although classics are not being completely replaced, they are losing market shares.
Requirements of companies in the tourism and mobility sector - and their solutions
- Expansion of payment options offered both during online checkout and when shopping locally.
- Improved transparency thanks to multiple currency conversion options, presenting customers with total amounts in their preferred or trusted currency.
- Greater trust thanks to integration of proven two-factor authentication processes.
- Appealing to last-minute shoppers, among other things through cloud integration, personalisation of payment methods and use of open interfaces.
- Expansion of services that can be booked in advance as a way of eliminating stress for travellers in local dealings during their vacation or business trip.
Not only payment habits, but also travel habits are changing.
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¹ Source: https://sapioresearch.com / https://www.tourexpi.com/de-intl/news/reisende-fordern-auswahl-transparenz-und-sicherheit-fur-reibungslose-zahlungsprozesse-160656.html, ² Source: https://www.airplus.com/editorial-files/germany/documents/de-en-(language-dependent)/publications/airplus_acte_mobile_payment_white_paper_de_en.pdf